In an effort to boost economic activities, increase incomes, and reduce poverty, the central government plans to hold consultations with states on land reforms, Finance Minister Nirmala Sitharam said on July 23.
Sitharaman said that land records in urban areas would be digitised to help improve the finances of of urban bodies in the country.
"An IT based system for property record administration, updating, and tax administration will be established. These will also facilitate improving the financial position of urban local bodies," Sitharam as part of her Budget speech on July 23.
Further, she said that the government will provide support under the Accelerated Irrigation Programme and other sources for projects with an estimated cost of Rs 11,500 crore.
The Economic Survey for 2023-24 tabled in Parliament on July 22 had also highlighted that government still struggles with on-boarding of digital land record which leads to land acquisition delays while constructing national highways.
It also said that the government also continues to face delays in highway construction projects due to slow approvals for forest and other environmental clearances.
Studies have shown that secure land tenure is a prerequisite for economic stability and growth. Several reports by the World Bank have highlighted that clear land titles significantly enhance access to credit. In rural India, where agriculture is the primary source of livelihood, this is especially crucial.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
